Global Logistic Properties grow fourth quarter net profit by 43% to $281 million

WAREHOUSE operator Global Logistic Properties (GLP) said its fourth quarter net profit grew by 43 per cent to US$224 million (S$281 million) on revaluation and foreign exchange gains.

Numbers for the three months to March 31 had been boosted by the US$164 million revaluation gains for investment properties and jointly-controlled entities, and a US$28.8 million foreign exchange gain due to hedging of cash proceeds from injecting assets to the firm's Japan real estate investment trust (Reit).

GLP listed its Japan Reit in Tokyo last December.

The firm also benefitted from a rise in earnings before interest and taxes - basically operating profit - from the China business.

But revenue slipped 18 per cent to US$125 million as the 33 properties injected into the Japan Reit stopped contributing to the topline.

For the full year to March 31 net profit rose 27 per cent to US$684 million, on strong development momentum and rentgrowth in China. Revenue was up 14 per cent at US$642 million.

Earnings per share for the year were 13.99 US cents, up from 11.54 US cents a year ago. Net asset value per share was US$1.77 at March 31, from US$1.69 a year earlier.

GLP recommended a final dividend of four cents a share, up from three cents last year.